Bitcoin traded near $64,600 on July 15 after hitting an intraday high above $65,100, gaining about 3% in 24 hours. The move brings the leading cryptocurrency close to a key resistance zone, fueled by cooler U.S. inflation data, robust ETF inflows, and short liquidations.
Cooling Inflation Drives Bitcoin Higher
The U.S. Consumer Price Index fell 0.4% in June—the largest monthly decline since April 2020. Annual inflation slowed to 3.5% from 4.2% in May, while core inflation remained unchanged and eased to 2.6% annually. The report reduced expectations for a near-term Federal Reserve rate hike, with market pricing dropping from 43% to 13%. Lower rate expectations supported risk assets like Bitcoin, as traders moved away from cash positions.
Bitcoin’s correlation with the S&P 500 reached 86% during the move, indicating a broad macro reaction rather than a crypto-specific event. Fed Chair Kevin Warsh is addressing Congress this week, and the July policy meeting is scheduled for July 28–29.
ETF Demand and Liquidations Add Support
U.S. spot Bitcoin ETFs recorded $181 million in net inflows on July 14, led by BlackRock’s IBIT with approximately $139 million and Fidelity’s FBTC adding roughly $21 million. This fresh demand through regulated investment products coincided with rising prices that forced bearish traders to close leveraged positions. About $107.25 million in Bitcoin shorts were liquidated over 24 hours, adding upward momentum.
The inflow data followed uneven institutional activity earlier in July. Traders are watching for sustained demand after the CPI-driven move.
Bitcoin Price Faces a $65K Breakout Test
Bitcoin now faces resistance at $65,000 and near its 50-day exponential moving average around $65,142. A daily close above that level could open a move toward $68,000, with the next resistance zone between $68,000 and $70,000. Analyst Michaël van de Poppe expects Bitcoin to reach $68,000 within one to two weeks, and possibly $75,000 to $80,000 in August, provided price clears nearby resistance.
Order-book data shows notable selling interest near $67,000 and above, with buyers supporting between $63,500 and $63,800. A fall below $64,000 could expose $63,000, while a deeper break may bring $61,300 into focus.
Oil prices add a near-term risk: Brent crude climbed to $85.42 after the U.S. restored a naval blockade on Iranian ports. Further supply disruption could lift inflation expectations and alter the rate outlook that supported Bitcoin’s rally.
Leave a Reply